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Tuesday, 23 August 2016

MIDEAST STOCKS-Gulf continues sliding as oil sags | Reuters

MIDEAST STOCKS-Gulf continues sliding as oil sags | Reuters:

"Gulf stock markets continued dropping early on Tuesday after Brent crude oil fell back below $49 a barrel and short-term technicals for several indexes in the region turned negative over the past few days.

The Saudi index fell 0.6 percent to 6,074 points in the first 45 minutes of trade. On Monday it confirmed a break of support on its early August low of 6,226 points, triggering a right triangle formed by the highs and lows since April and pointing down to the 5,600-point area in the medium term.

The drop was broad-based on Tuesday with losers outnumbering gainers by 123 to 12. Saudi Basic Industries, the biggest petrochemical producer, fell 0.3 percent."

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